• Solar and battery technology is revolutionizing the energy landscape, making renewable energy cheaper than ever before.
• The productivity slowdown of the 1970s was likely caused by expensive energy, as oil prices rose and no better energy sources were available.
• IT innovation has driven some productivity growth, but not enough to replace the energy stagnation.
• Solar and battery technology is driving a new technological revolution, with costs continuing to decline.
• Cheap energy has the potential to drive productivity growth, enabling a variety of benefits such as desalination, improved home appliances, more efficient construction, and electric transportation.
• Cheap energy could also reduce inequality, if the productivity gains are shared equally.
Published February 7, 2023
Visit Noahpinion to read Noah Smith’s original post Repost: Why I’m so excited about solar and batteries
